US inflation report spurs rally

Markets posted strong gains across the board last week, encouraged a report which revealed inflation in the US slowed more than expected. The blue-chip S&P 500 and technology focussed Nasdaq gained 2.6% and 4.1% respectively.

Concerns that more interest rate hikes are needed to tame inflation has hung over markets for the past 18 months but the US inflation report for June provides some hope that there is light at the end of the tunnel.

The annual increase in headline consumer price index slowed to 3.0%, the smallest increase in more than two years and lower than consensus forecasts of 3.1%. Gasoline prices picked up 1% from May, but are 27% lower than a year ago, and grocery price inflation slowed to 4.7%.

TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.

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